Zorlu Holding bids for Toshiba's TV unit

Published 14.06.2017 00:39

Zorlu Holding, the parent company of one of Turkey's largest electronics manufacturers Vestel, made a bid to acquire Japanese electronics giant Toshiba's television production unit, according to confirmation from Zorlu CEO Ömer Yüngül.

Speaking to Anadolu Agency (AA), Yüngül said, "The deal is currently under review. Five or six other companies are also bidding like us. I think a decision on Toshiba is likely to be reached in about a month."

Regarding the size of assets Vestel may likely take over with Toshiba's TV unit, Yüngül said, "It's hard to say as there are varied numbers. We have the rights to license Toshiba in Europe." He went on to say, "Therefore, we are already using it in our own strong market." He added that additional sales of at least 6-to-7 million units must come with regards to the other regions.

Earlier in April, news broke that Toshiba - which sold the first Japan-made color television in 1960 - was mulling to sell its TV business in a bid to make up for financial losses it suffered due to the failure in its nuclear business.

In the wake of an accounting scandal in 2015, Toshiba decided to restructure its businesses and the company has since concentrated on domestic development and sales of TVs, changing its overseas operations to focus on licensing.

Now, the troubled Japanese electronics company is rushing to cut losses by selling off its noncore divisions. Toshiba's financial struggles are likely to worsen after Westinghouse Electric, its U.S. nuclear power unit, filed for Chapter 11 bankruptcy protection in March.

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